Sony, the Japanese multinational conglomerate, is set to launch its own cryptocurrency exchange by revamping an existing platform acquired in August 2023.
In a recent press release, it was announced that Amber Japan, the parent company of the Japanese crypto exchange WhaleFin (acquired by Sony last year), has been rebranded to S.BLOX. Sony is now preparing to initiate its digital asset trading services soon.
Sony’s Crypto Exchange Launch
Sony’s subsidiary, Quetta Web, acquired S.BLOX last year. Before this acquisition, the platform was known as DeCurret, and it was renamed Amber Japan after being acquired by Singapore’s Amber Group in 2022. Thus, Sony is the second owner of the entity since its inception. The financial details of both acquisitions have not been disclosed.
Since Sony’s acquisition, S.BLOX has been operating as a subsidiary of the conglomerate. Now, Sony is looking to rejuvenate its crypto trading services. In an announcement regarding the company’s name change, S.BLOX revealed it had released an improved version of its business earlier this year and indicated more updates are forthcoming.
The revamped exchange will introduce a new app and a redesigned user interface. Additionally, S.BLOX plans to expand its offerings to support more cryptocurrencies and functions.
“As a member of the Sony Group, we aim to create new value in cryptocurrency trading services by collaborating with the group’s diverse businesses. Thank you for using WhaleFin,” S.BLOX stated.
Sony’s Comprehensive Entry Into the Crypto Market
Revamping S.BLOX’s crypto trading services signifies Sony’s significant move into the crypto market. The company had previously taken smaller steps into the cryptosphere through various acquisitions and investments. However, this latest move marks a substantial development.
Startale Labs’ founder and CEO, Sota Watanabe, disclosed that Sony’s crypto exchange would be led by the company’s external director. He mentioned that this plan has been in development for approximately 18 months and is now moving into the execution phase.
